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Aneurysmorrhaphy using exoprothesis. New surgical treatment for haemodialysis arterio-venous fistula aneurysm.
Rokošný, Slavomír ; Baláž, Peter (advisor) ; Grus, Tomáš (referee) ; Tomka, Ján (referee)
Introduction: Haemodialysis arterio-venous fistula aneurysm (AAVF) prevalence varies between 7-43%. When they are symptomatic, they should be referred for treatment. It is unclear which is the optimal surgical treatment and if fistula flow reduction is beneficial for heart remodeling in patients with high-flow AAVF. Aims: (1) introduction of a new surgical technique - aneurysmorrhaphy using exoprothesis (AuE) and evaluation of its patency and complication rates. (2) analysis of flow reduction impact on heart remodeling in high-flow AAVF. (3) systematic review and meta- analysis of various surgical techniques to identify the best treatment option of haemodialysis arterio-venous fistula aneurysm. Methods: (1) retrospective analysis with prospectively collected surgical and postoperative data, patency evaluation using Kaplan - Meier curve, early and late complication rates analysis. (2) retrospective analysis prospectively collected echocardiographic parameters before and after surgery. (3) systematic review and meta- analysis following the PRISMA guidelines - registered in the international prospective register of prospective reviews PROSPERO (registration number: CRD42016029692). Results: (1) primary assisted patency rate at 12 months was 80 %, infection rate was 4.5 % and AAVF recurrence rate was 0...
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Aneurysmorrhaphy using exoprothesis. New surgical treatment for haemodialysis arterio-venous fistula aneurysm.
Rokošný, Slavomír ; Baláž, Peter (advisor) ; Grus, Tomáš (referee) ; Tomka, Ján (referee)
Introduction: Haemodialysis arterio-venous fistula aneurysm (AAVF) prevalence varies between 7-43%. When they are symptomatic, they should be referred for treatment. It is unclear which is the optimal surgical treatment and if fistula flow reduction is beneficial for heart remodeling in patients with high-flow AAVF. Aims: (1) introduction of a new surgical technique - aneurysmorrhaphy using exoprothesis (AuE) and evaluation of its patency and complication rates. (2) analysis of flow reduction impact on heart remodeling in high-flow AAVF. (3) systematic review and meta- analysis of various surgical techniques to identify the best treatment option of haemodialysis arterio-venous fistula aneurysm. Methods: (1) retrospective analysis with prospectively collected surgical and postoperative data, patency evaluation using Kaplan - Meier curve, early and late complication rates analysis. (2) retrospective analysis prospectively collected echocardiographic parameters before and after surgery. (3) systematic review and meta- analysis following the PRISMA guidelines - registered in the international prospective register of prospective reviews PROSPERO (registration number: CRD42016029692). Results: (1) primary assisted patency rate at 12 months was 80 %, infection rate was 4.5 % and AAVF recurrence rate was 0...
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The influence of new natural gas sources on energy security in the USA
Vránková, Jana ; Neumann, Pavel (advisor) ; Vošta, Milan (referee) ; Baláž, Peter (referee) ; Pospíšil, Jiří (referee)
The thesis focuses on the influence of new natural gas sources on energy security in the USA. The new sources include mainly shale gas, but also tight gas and others. The main objective of the thesis is to evaluate the impact of changes in production and trade in gas on energy security and self-sufficiency of the USA. The thesis is divided into five chapters. The first chapter is theoretic and thus provides the frameworks for the following parts of the thesis. It focuses on the security concept in literature and in the papers of international energy agencies, e.g. IEA. For the purposes of the thesis, energy security is defined as the ability of a state to secure uninterrupted and stable supply of energy at a reasonable price of sufficiently diversified energy sources, which can be flexibly substituted among each other without additional costs by the end consumers. The second chapter concentrates on energy security in the USA, the development of energy legislation and the position of the United States in international comparison from this point of view. The third chapter deals with the technical background of production and its legislative status of the USA. To compare, it also addresses the production legislation in some EU countries. It follows up market implications of increased domestic production, specifically its profitability, changes in energy mix and in trading position of the USA in energy sources. The fourth chapter analyzes price impacts using change in domestic and foreign demand and supply in natural gas, including their price elasticity, and the price development itself. The fifth chapter summarizes, based on the findings from previous chapters, perspectives of the future development, mainly impacts on economy and potential export. The thesis comes to the main conclusion stating that the production from domestic sources shall have a positive impact on energy security not only in the USA, but also consecutively in other countries dependent on import of energy sources through higher diversification of source countries. Better available commodity may contribute to greater price competitiveness of domestic products on international markets and help to substitute coal with gas in energy mix. The biggest risk is seen in the low gas price that makes the production economically unprofitable. However, the gas price should maintain the level which would allow for profit of the producers, reasonable price for the consumers and increased level of energy security thanks to further development of the production technology, its better price availability and increased demand on cleaner energy sources.
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Analysis of specific instruments applied in the financial management of TNC with a focus on transfer pricing
Baluchová, Daniela ; Taušer, Josef (advisor) ; Sato, Alexej (referee) ; Baláž, Peter (referee)
Transfer pricing plays a crucial role in the financial management of TNC as it significantly influences revenues and costs allocation among affiliates of TNC that are located in countries with different tax regimes, interest rates, political situation and economic environment. Recently, transfer pricing is scrutinized in respect of tax minimisation strategies adopted by TNC which raises various conflicts of interest with tax authorities in some countries of their presence. The main objective of the dissertation thesis is to provide a comprehensive empirical study on international transfer pricing in the Czech Republic from the perspectives of both taxpayer and the tax authority. With regard to the complexity of transfer pricing, manufacturing afiliates of TNC located in the Czech Republic were selected to be examined in more detail. The thesis is structured into five chapters. The first chapter defines theoretical framework based on which the analytical part of the thesis is elaborated. The strategies applied by TNC in setting transfer prices are strongly affected by the transfer pricing regulation and interpretative experience of the particular countries in which they operate. In this context, the Czech transfer pricing legislation as well as selected case law is analyzed in the second chapter. Given the complexity of the issue of transfer pricing, the third chapter deals with selected aspects that are considered critical when setting transfer prices. The fourth chapter presents key findings regarding transfer pricing strategies applied by TNC located in the Czech Republic to transfer pricing issues. The fifth chapter summarizes the approach of the Czech tax authorities to the transfer pricing audits and at the same time evaluates related risks borne for taxpayers in this respect. The thesis reveals that manufacturing afiliates of TNC located in the Czech Republic generally prefer non market (cost based) transfer pricing methods when setting transfer prices, whereby there are several factors influencing their decision making, out of which internal economic conditions and foreign exchange risk management are deemed the most important factors, while tax optimisation as well as restrictions on profit repatriation are considered relatively less important factors. The study further indicates certain inconsistency between declared functional and risk profiles and decision making competences. In this connection, it was found out that the Czech afiliates in which the foreign parent company is involved in transfer pricing set-up incur tax losses. In response to the increasing importance of transfer pricing and international initiative Action Plan BEPS (Base Erosion and Profit Shifting) it can be stated that the approach of the Czech tax authorities has become more intensified and sophisticated. The Czech tax authorities challenge declared and actual functional and risk profile of taxpayers as well as economic substance of realized intercompany transactions. Furthermore, number of transfer pricing audits has increased and become targeted on risky taxpayers such as companies granting investment incentives or incurring tax losses etc. As a result, additional tax assessment due to incorrect transfer pricing significantly increases over recent years.
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Speculation on oil markets and its impact on commodity's price
Melcher, Ota ; Taušer, Josef (advisor) ; Baláž, Peter (referee) ; Müller, Štěpán (referee)
This study aims to analyse the precrisis period on the oil markets with a primary objective of assessing the role of speculation in the commodity's price development and its volatility. First it depicts the rapidly increasing speculative activity on the futures market together with the parallel oil price surge. The speculation is initially proxied by non-commercial traders' positions and subsequently quantified by Working's T-index. The paper then uses speculative traders' positions and both spot and futures prices to test for Granger causality within the framework of VAR models. For the sake of consistency it also evaluates causal links between speculation and inventories level. Further the study investigates the speculation impact on volatility of oil prices by employing various approaches in volatility quantification including GARCH models. Contrary to expectations we find that the speculatio's impact on both prices and their volatility is rather insignificant. In the last chapter we therefore seek for an explanation of the oil price developments by examining the market fundamentals. The interaction of supply and demand finally gives substantial evidence for understanding the price developments in the precrisis period.
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Energy security of European union: options to enhance it with an accent on renewable energy sources
Machytka, Daniel ; Jeníček, Vladimír (advisor) ; Němcová, Ingeborg (referee) ; Baláž, Peter (referee) ; Kučerová, Irah (referee)
This doctoral thesis focuses on Energy security of European Union with and accent on use of renewable energy sources as an energy security instrument. Main goal of this thesis was to identify, verify and then postulate options that could enhance current state of energy security of European Union. Main instrument of this activity is a theoretical model which introduces three specific options. First option is about off-grid and partially on-grid system used for home and autonomy energy production. Second option is a synergic link of infrastructure for off-shore wind farms with a marine energy. Third option is a maximization of energy efficiency, energy savings and energy storage concepts. Energy efficiency was identified as hierarchical condition mandatory for every single introduced options. All introduced options were verified against European energy law, against principles of energy security and against economical and security criteria. Final and most important criteria for plausibility of such options is embodied in European energy policy and current energy and climate strategies.
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Nekonvenční způsoby produkce ropy a zemního plynu a jejich vliv na mezinárodní obchod
Černý, Martin ; Štěrbová, Ludmila (advisor) ; Baláž, Peter (referee)
The growing world population accompanied by an increase in GDP is effectively raising the demand for energy. One of the options are unconventional means of oil and gas, originating mainly from shales and oil sands. The goal of this thesis is to introduce the reader to unconventional means and their influence on international business. After a short introduction and definition an analysis of the situation in the U.S. follows, where the recent years have brought an increase in production from unconventional sources. The positive influence on the economy, employment and energetic security will be mentioned same as possible impacts on the environment. Furthermore the paper provides an analysis of the potential of repeating the U.S. shale revolution in other countries, with special focus on the EU. The success of unconventional sources opens the possibility of new trade routes, influence on the trade balance and the potential of influencing the whole gas market. However, it will also have an impact on current oil and gas producers. Considering the close bond between energetic security and politics, the thesis closes with an analysis of influences on the economy and politics of both -- current oil and gas producers and countries, which might be directly and indirectly affected by changes in the oil and gas market.
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Using total factor productivity benchmarking in tariff regulation of network industries
Machek, Ondřej ; Hnilica, Jiří (advisor) ; Soukup, Jindřich (referee) ; Baláž, Peter (referee) ; Strachota, Luboš (referee)
Incentive regulation and benchmarking are becoming frequently used tools in tariff regulation of public utilities, including natural gas distribution companies. We present a review of existing approaches to economic regulation using benchmarking models, their advantages and disadvantages and discuss practical experience with these methods. The work also includes a comparison of the total factor produktivity (TFP) approach with frontier-based methods such as data envelopment analysis or corrected ordinary least squares and discussion of the differences, possible weaknesses and misinterpretation of results. Consequently, we analyze the development of total factor productivity of Czech natural gas distribution companies with other industries (water and sewerage, electricity distribution and transmission) using index analysis. The main outcome of the dissertation thesis is the discussion of the applicability of TFP benchmarking in the conditions of the Czech energy market, a synthesis of findings, discussion of associated issues, assumptions and recommendations for implementation of TFP benchmarking into the tariff regulation of Czech energy industries.
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Global financial crisis and its impacts on the economy of the Russian Federation
Bolotov, Ilya ; Štěrbová, Ludmila (advisor) ; Petříček, Václav (referee) ; Baláž, Peter (referee) ; Fingerland, Jaroslav (referee)
The thesis describes and analyses the problem of the global financial and economic crisis and its influence on the Russian economy. It constitutes a synthesis of main approaches to the crisis' examination from the years 2008-2011 and develops its own theoretical model for explaining the crisis' emergence and spreading in an open economy, and also analyses in detail the state of the Russian economy and anti-crisis measures. The thesis is based on assumptions that the crisis could have been explained and foreseen theoretically with the help of macroeconomic models, that the anti-crisis policy was in majority of cases inefficient, and that the problems of the Russian economy were caused not only by the global recession, but also by its internal imbalances. On the methodological side, the thesis is based on the ideas of the Austrian and Keynesian economics (the Austrian business cycle model and post- and neo-Keynesian branches) and the financial crises economics and partly on selected thoughts of the Marxian economics, and is divided into four chapters. In the first chapter, the attention is given to the four main heterodox theoretical approaches to explaining financial and economic crises and to the development of a synthetic model. In the second chapter, the reasons, course and main previsions of the U.S. and global crisis are examined and the synthetic model from the first chapter is empirically tested. In the third chapter, the degree of the crisis' influence on different groups of countries is estimated, followed by a description of its main transmission channels and an analysis of anti-crisis measures at the global level. The fourth chapter is dedicated to the specifics of the Russian economy, its development during the crisis and to the anti-crisis policy of the Russian government and of the Central Bank of Russia. The thesis attempts to fill the gap in the existing economic literature by presenting new findings in the above-mentioned areas.
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Ekonomický význam Bolívie v Jižní Americe a obchodní perspektivy s Českou republikou
Honajzrová Banús, Shirley Consuelo ; Kašpar, Václav (advisor) ; Šaroch, Stanislav (referee) ; Baláž, Peter (referee) ; Wahla, Arnošt (referee)
The present thesis, "The Economic Importance of Bolivia in South America and its commercial Perspectives with the Czech Republic", is a complete and unique study which aims to determine, from an in-depth analysis of the current socio-economic situation in Bolivia, the opportunities that arise from its close cooperation in projects common with the European Union as a whole and the Czech Republic in particular, leading to fulfil the new vision of a multinational Bolivia. In order to accomplish this objective, the thesis is divided into 6 chapters. Each chapter brings forward those individual characteristics which best describe Bolivia. Firstly, it analyses Bolivia as a developing country, a situation common to its Latin-American neighbours, and the current tendency of this group of countries in terms of their "intraregional and interregional" integration. Furthermore, Bolivia is evaluated from a socio-economic perspective on a macro-regional, departmental and sectorial basis, focusing on the most outstanding sectors. This evaluation revealed its potentialities as well as specific areas which are still in need of further financial support for their development, in accordance with the current vision of Evo Morales' government. As this study aims to encourage investments in the Bolivian territory from the European Union and particularly from the Czech Republic, it also describes in detail the cooperation and commercial relations in which Bolivia currently participates, at a bi-regional (EU-Latin America), interregional (EU-Andean Community of Nations), unilateral (EU-Bolivia) and bilateral level (Czech Republic and Bolivia). Finally, the thesis identifies a variety of potential projects which any country from the EU, specially the Czech Republic, could participate in, seeking mutual benefit based on their individual supply and demand rates. To achieve this, it is critical for the EU and the government of Bolivia to reformulate and strengthen their bilateral and multilateral commercial relations.
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